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Opening Accounts Online: CIP, CDD, Documentation & More

Mar 09 2:00 PM - Mar 09, 2022 3:30 PM
Mar 09, 2022 2:00 PM - 3:30 PM
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Convenient, compliant, and contactless. Anything with those features is bound to be a hit with consumers. Does your institution allow online account opening? Do you understand the CIP, CDD, and documentation requirements? Join this webinar to get expert guidance on how to meet all the benchmarks and minimize risk.

Learning Objectives

  • Explain and implement the six-step consent process to open “no-contact” accounts
  • Understand which deposit regulations are related to E-SIGN and have specific compliance provisions
  • Use the most recent BSA guidance for satisfying the due diligence requirements for CIP (Customer Information Program)
  • Define and identify acceptable documents to open accounts and incorporate risk mitigation strategies into the new account process
  • Determine if enhanced due diligence steps are required to open the account

When opening accounts online, E-SIGN compliance is one piece of the puzzle, while knowing the “true identity” of the customer for BSA and CIP purposes completes the process. What additional “out-of-wallet” questions should be asked when accounts are opened online? How does electronic account opening impact BSA risk assessment? Learn about the additional controls needed to protect your financial institution and red flags for reporting suspicious activity in an online environment, including risk mitigation strategies and CIP required documentation and “reasonable belief” of the customer’s true identity.



Susan Costonis, Compliance Training and Consulting for Financial Institutions

Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998,completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Operations
  • Member Service
  • Compliance